Carrollton, Texas, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), an energy company focused on leasing and reworking oil and gas reserves in the most prolific hydrocarbon areas of the United States, is pleased to provide updates regarding the Company's Gilmer lease projects.
Allied is pleased to provide a short recap of activities currently underway at the Gilmer Lease. located about thirty miles north of Breckenridge, Texas.
Gilmer Well 1 and Gilmer Well 5 are producing. The Allied team is actively monitoring all mechanical parameters to ensure these wells achieve optimal oil and gas output.
Gilmer Well 2 is temporarily shut in due to pump issues, the pump has been pulled and the issue has been corrected. Workover unit pulled the tubing pump and rods to check the downhole assembly to ascertain specifics and repair the issue. Thursday morning the crew will circulate the Well to clean trash from the wellbore and when completed will run the pump back into the Well an turn the Well back on
We will also flush the well with water to clean out any remaining junk / particulates in the hole and then run the pump back into the hole and turn the well back on
Gilmer Well 4 ( salt water disposal well ) Texas Railroad Commission's required H-5 casing pressure test is was completed yesterday, the well was pressurized up to 500 PSI and shut in for 30 minutes, Texas Railroad Commission personal were on site to witness the teat and the Well passed
Fluid levels were checked on the number 1 and number 5 wells , the number 1 well the level was at 3810 and making good oil , Curtis Boyles reported the oil cut was the best we have seen to date and getting stronger as we continue to produce the well. The number 5 well the fluid level was at surface and making decent gas, we have shut in the #5 until we can determine how much fluid we need to move to get the well producing at optimal potential.
CEO George Montieth commented: "The delays occurring on our Wells are apart of the growing pains of an oil producing company. I am please with the solutions and steps our team has developed to address these growing pains and we will strive to have all our Wells perform at optimal levels”.
The Company warmly invites all to check back regularly at https://alliedengycorp.com/ and the Company's Twitter account https://twitter.com/AlliedEnergyCo1 for consistent corporate updates.
About AGYP: Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'existing' oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing ("fracking"), drilling of lateral ("horizontal") legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America ("IPAA") - "With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America's true strategic petroleum reserve.”
Safe Harbor Statement: This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Contact: Allied Energy Corporation
Phone: 972-632-2393
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
